Morning Headlines: Millennials Drove East Market and the Gallery Renovation
Detail from one of the East Market renderings. Courtesy National Real Estate Development.
As per a report by the Center City District and the Central Philadelphia Development Corp., the Philadelphia Business Journal’s Natalie Kostelni writes that the retail scene in Center City has been gaining momentum thanks to youthful newcomers: “Millennials, young families, office workers and tourists visiting the city.”
Ever since these groups have made their way into Philadelphia, retailers have followed. Sayeth Kostelni:
The demand and buying power of this combined group has translated into attracting a diverse mix of retailers – 250 apparel stores, 133 food and drink establishments, and 444 full-service restaurants. It has also grabbed the attention from national chains including Forever 21, Nordstrom Rack, Uniglo, Michael Kors, Timberland among others that have opened up stores this year in Center City. Even though these national players have gotten a foothold in the city, 77 percent of retailers downtown continue to be boutiques, independents and regional firms, the report said.
In addition to luring major chains, these groups have paved the way for new developments and renovation projects (so much so that together these projects round out to $4.7 billion):
• Midwood Investment & Development’s 60,000-square-foot project on Walnut Street at 15th Street that will be anchored by a Cheesecake Factory.
• Pennsylvania Real Estate Investment Trust’s 30,000-square-foot development also at 15th and Walnut.
• The renovation of the Gallery.• Brickstone Realty’s work along Chestnut Street
• National Real Estate’s project on the former Girard Square.
Kostelni notes that “Center City’s retail footprint” will continue to thrive and rents increase if the above-mentioned variables remain.
• Center City retail scene continues to gain momentum [Business Journal]
In other news…
• Commodore Barry Bridge will receive $100 million paint job [Inquirer]
• Holmesburg Civic hears complaints about local business [Northeast Times]
• Resurfacing, expansion of Radnor High School turf field proposal moves ahead [Main Line Times]
• Royal Farms seeks to expand on Wawa’s turf [Business Journal]
• Crucial tool can reactivate Philly’s vacant properties [Philly.com]
